Accounting 101 with Jimmy Stewart Podcast
1) 17 - The Objectives of Financial Reporting & Concepts of Accrual Accounting
I've read a lot of boring stuff so that you don't have to! Today we will summarize some of the useful information in the FASB Concepts Statements and other literature. This information will be u...Show More
17 - The Objectives of Financial Reporting & Concepts of Accrual Accounting
14:30 | Dec 23rd, 2019
2) 16 - Closing the Books at the End of the Period (The Closing Process)
Example: You own a sole proprietorship. For this period, you had revenue of $100,000, wage expense of $40,000, and computer expense of $30,000 (net income of $30,000). You also contributed $10,000 to ...Show More
3) 15 - Adjusting Journal Entries (The Adjusting Process)
Today we will go over the adjusting process. This is where we make our adjusting journal entries to get from our unadjusted trial balance to our adjusted trial balance, which contains the figure...Show More
4) 14 - An Overview of the Accounting Cycle
Today we will discuss the accounting cycle. This is the process taken each period to record transactions, prepare the financial statements, and to reset the temporary accounts to zero for the next per...Show More
5) 13 - How to Dominate Indirect Cash Flow Statements (Fake Cash Method)
Example # 1 Our Accounts Receivable balance increased by $20,000 from the end of last period to the end of this period. 1. Accounts Receivable is an asset, so it must be debited to increase its balanc...Show More
6) 12 - FIFO & LIFO (Cost Layering Methods)
Today we will discuss the cost layering methods that are used within the periodic and perpetual inventory systems. Assumptions for purchases: 50 units purchased on January 1 at $10 each (50 x $10 = ...Show More
7) 11 - Perpetual & Periodic Inventory Methods & Cost of Goods Sold
In this episode, we will cover the journal entries made when using the perpetual and periodic inventory methods, and we will also go over the formula and journal entry to record cost of goods sold und...Show More
8) 10 - Depreciation, Amortization, & Fixed Assets
Today we tackle depreciation and amortization, and we discuss fixed assets. Facts for following examples: Asset cost of $85,000, salvage value of $10,000, and a useful life of 5 years. Note: "Depr" ...Show More
9) 9 - Unearned Revenue (Deferred Revenue)
In this episode, we discuss unearned revenue.
10) 8 - Prepaid Expenses (Prepaid Assets)
Today we will discuss prepaid assets, and do some examples with journal entries.